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Govt to review bank loan terms for first-time home buyers

June 7th, 2018 Leave a comment

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A new mechanism will be introduced to ease the bank loan application process for young Malaysians to buy their first property, Prime Minister Tun Dr Mahathir Mohamad said today.

He said the current terms and conditions set by banks are too strict.

“We found that banks are too strict with housing loans and this makes it difficult for people to own a house.

“We would need to review the current process and certain mechanism will be introduced to ease the procedure,” he told reporters after chairing a Cabinet meeting here.

The Housing and Local Government Ministry will be meeting the Finance Ministry and Bank Negara Malaysia to streamline the credit rating system for first-time, low-cost buyers after the Hari Raya Aidilfitri holidays later this month.

Source: Malay Mail

 

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  1. Paul
    June 7th, 2018 at 12:00 | #1

    I heard in Taiwan housing interest is only 1.77% and easily available throughout.

  2. Waste money
    June 7th, 2018 at 12:04 | #2

    Salary 3k but want buy afforable house cost 400k instalment 2k, How to approve? Review 100 times also same wont solve the problem, either gov increase the salary or reduce the house price.

  3. edisongan
    June 7th, 2018 at 13:18 | #3

    @Waste money
    It wasn’t meant for single young man to buy house but more on a couple who plans on getting married and forming family soon.

    with both salary combination at around RM6K-7K, it is more justifiable.

    Everywhere is the same in the world.

  4. Paul
    June 7th, 2018 at 14:55 | #4

    Many foreigners are of the view that staying in Penang is their first choice when comparing to other states in Malaixia. With the new government formed has even enhance their belief. Moreover, the property price here is quite reasonable comparatively. If a have a choice I do like to stay here because of the convenient of ethnicity.

  5. Ryu
    June 7th, 2018 at 16:14 | #5

    Those people who earns higher income dont want to stay in low cost flat la, you must assess your own financial position before financing a house. A couple with a total of 6k income can get 500k house without any issue. I don’t see a problem since I was financing 2k loan per month based on 4k salary.

  6. xiaomei
    June 7th, 2018 at 16:50 | #6

    @Ryu

    Yes, I agree with you. If you look at it purely from “numbers” point of view, it should be very straight forward, and couples with a 6k combined income should have no problem getting a mortgage approved for a 500k house. If you earn less than that, then should buy something cheaper. So why complain?

    One reason for those who “look eligible for their applied mortgage” but yet loan rejected could be a “tainted” ccris record, due to defaulted car-loan/personal-loan/credit-card payments, making them not creditworthy, in which case, loosening loan criterias would not be prudent, and essentially putting banks into a high risk situation.

  7. Lim
    June 7th, 2018 at 19:02 | #7

    I owned a property. But I haven’t purchased a property before. Can I considered as a first time buyer?

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